FTSE Nareit sector aggregates

When a Nareit sector page quotes 'average dividend yield' or 'sector return', the numbers come from the FTSE Nareit index family, calculated by FTSE Russell. Those published aggregates are the free, derived layer; the underlying index series stays commercially licensed.

The lodging/resorts record spells out the mechanics: licensing notes say 'underlying index data attributed to FTSE Russell', coverage says 'sector aggregates are monthly (FTSE data dated month-end)', and the page carries 16 constituent rows plus one sector statistics block per load. The pattern repeats: Nareit's residential page cites 'sector overview stats from the FTSE Nareit indexes', and the self-storage hub tags 'ftse-nareit'. Deeper history lives in the historical returns files — 23 .xls files refreshed monthly, annual returns beginning 1972.

Related entries: ffo and noi, the fundamentals behind the yields.

Sector aggregates are derived, dated and licensed - three properties that bite if ignored.

Derived: a page's yield is an index calculation over constituents, not a survey average, so mixing it with company-reported metrics double counts nothing but explains different universes. Dated: month-end dating means a mid-month quote is already stale; the lodging page's statistics block moves monthly even if constituent rows change more often. Licensed: Nareit's terms state it 'grants no blanket redistribution rights for its index data (FTSE Nareit index values are separately licensed through FTSE Russell)', so scraping the aggregates into a commercial product is not equivalent to using the free page. Universe edges matter: 16 lodging/resort rows including a Mexico-listed Fibra means 'sector' means listed REITs, not all hotel owners.

1. Read the month-end date on every statistic. Coverage notes specify monthly aggregates dated at FTSE month-end; undated sector stats are unusable for time series.

1. Confirm attribution and licence layer. Pages state 'underlying index data attributed to FTSE Russell', and Nareit grants no blanket redistribution rights - free display is not free redistribution.

1. Enumerate the constituent universe. The lodging/resorts overview loads 16 constituent rows plus a statistics block; know whether your sector's roster matches before quoting counts.

1. Use the historical .xls files for backtesting. 21 sector files plus 2 index-level files refresh monthly, with annual returns starting 1972 - the right source for long-horizon work rather than page scrapes.

1. Watch cross-border members. Constituents include non-US listings such as Fibra Inn, so 'US REIT sector' claims need verification against the roster.

Entries covering the metrics these aggregates summarize:

• ffo
• noi
• delayed quote data
• reit directory
• multifamily housing